The Regulations for Legal Compliance in Securities Firms (the “Regulations”) released by the China Securities Regulatory Commission (CSRC) took effect on 1 August 2008.

The Regulations require the boards of directors of securities firms to deliberate on, establish and implement a basic system of legal compliance. Securities firms are also required to appoint a chief supervisor of legal compliance as the person overseeing legal compliance, with the responsibilities of such supervisors as well as the conditions and procedures for their appointment and dismissal set out in the articles of association.

In addition, the Regulations stipulate that securities firms should submit their mid-term report for legal compliance to the securities authorities before 31 August every year, and submit their annual report for legal compliance before 30 April the following year.

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